Bank of Ireland has sold its 90.4% stake in Davy to management at the Dublin-based stockbroker for €316.6m.
The management team includes Brian Davy, Tony Garry and Kieran McLaughlin.
The bank said the profit on the deal - after tax - is expected to amount to about €225m. It added that it will be reflected in the bank's results for the year ending March 2007.
Bank of Ireland first acquired an interest in Davy in 1988. The stockbroker employs over 460 staff and its gross assets totalled €649m at the end of last year.
'Davy has proven to be an excellent investment for Bank of Ireland since the Group first acquired a shareholding in 1988 and I wish its management team well in the future development of the business,' commented BoI's CEO Brian Goggin.
Bank of Ireland shares were down 11 cent to €15.68 in Dublin this afternoon.
